APAC Resources Limited announced that Reference is made to the announcement dated 26 September 2023 and the circular of the Company dated 26 October 2023 in relation to, among others, the retirement of Mr. Chang Chu Fai, Johnson Francis. The board of directors of the Company announced that Mr. Chang has retired as an independent non-executive Director with effect from the conclusion of the annual general meeting of the Company held on 23 November 2023 (the "AGM"). Mr. Chang has confirmed that he has no disagreement with the Board and there is no matter relating to his retirement that needs to be brought to the attention of the shareholders of the Company (the "Shareholders").

The Board announced that Mr. Kelvin Chau Kwok Wing ("Mr. Chau") has been appointed as an independent non-executive Director with effect from 23 November 2023. Mr. Chau, aged 61, is the former Chairman of Rothschild & Co in Hong Kong. He has over 30 years of investment banking experience as an advisor to corporates and governments, and currently serves as a Senior Advisor at Harmony Capital International Limited.

He is an independent non-executive director of each of Allied Group Limited and Travel Expert (Asia) Enterprises Limited, which are listed on The Stock Exchange of Hong Kong Limited and serves on the University Council's Finance and Investment Committees at the City University of Hong Kong. He holds a bachelor of laws degree from the University of Buckingham, United Kingdom. The Board hereby announces that Mr. Brett Robert Smith ("Mr. Smith") has tendered his resignation as the Deputy Chairman of the Board and an executive Director with effect from 24 November 2023 as he wishes to devote more time in his other business engagements.

Mr. Smith has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the Shareholders. The Board hereby further announces that: (a) Mr. Chang ceased to be a member of each of the audit committee, remuneration committee and nomination committee of the Company with effect from the conclusion of the AGM; (b) Mr. Chau has been appointed as a member of each of the audit committee, remuneration committee and nomination committee of the Company with effect from 23 November 2023; and (c) Mr. Smith will cease to be a member of the executive committee of the Company with effect from 24 November 2023.